Russian online shoe store Sapato is sold to Ozon

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Now it is official: Russian online store Ozon (a.k.a Amazon of Russia), which has recently obtained an approval from Federal Antimonopoly Service to buy the online shoe store Sapato, has completed the transaction.

Fast Lane Ventures, which calls itself the developer of Internet companies in the Russian internet market (rather than an incubator), has sold 100 percent of Sapato, its first online business. According to Fast Lane Ventures, Sapato is the third most recognized online retailer in Russia, attracting 2.5 million visitors per month. What is interesting, there are over 7 million Russians who shopped online in 2011. In 2010 it was 6 million, which is still low compared to 38 million online shoppers in Germany that year, but the number is growing fast.

According to Igor Taber, Investment Director of Intel Capital Russia and CIS, “As part of Ozon, Sapato.ru will be even better positioned to maintain its leadership as an online footwear retailer”.

The sales conditions were not disclosed and the transaction completed on February 15, although one probably guess that Sapato (which received in total $20 million investment), have not gotten all of Ozon’s $100 million funding.

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Natasha Starkell

TwitterLinkedInFacebook Google+ Natasha Starkell is the founder and CEO of GoalEurope, advisory firm focusing on technology investment and software development in Russia and Eastern Europe. Prior to starting GoalEurope she has worked in the field of finance, mergers and acquisitions, corporate strategy and offshore outsourcing at Unisys Corporation in Switzerland and United Kingdom. She has an MBA degree from London Business School. She speaks Russian, English and German. She lives in Northern Germany.